Australia's central bank hikes interest rates by 25bp - Breaking The News

Australia's central bank hikes interest rates by 25bp

1 November

1 min read

EPA-EFE/MICK TSIKAS

The Reserve Bank of Australia (RBA) said on Tuesday it decided to raise interest rates by 25 basis points. The bank increased the cash rate target to 2.85% and hiked the interest rate on Exchange Settlement balances to 2.75%.

RBA Governor Philip Lowe stressed that inflation is "too high" and warned it is expected to increase further in the coming months and peak at around 8% before the end of the year. As a result, the RBA noted it expects to continue to hike rates further "over the period ahead," but noted the size and timing of rate increases will depend on incoming economic data.

Lowe concluded by saying that the bank "remains resolute in its determination" to return inflation to its 2%-3% target and will "do what is necessary to achieve that."

monetary policy interest rate decision rba lowe

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